House debates
Thursday, 4 December 2008
Temporary Residents’ Superannuation Legislation Amendment Bill 2008
Consideration of Senate Message
Bill returned from the Senate with amendments.
Ordered that the amendments be considered immediately.
Senate’s amendments—
(1) Schedule 1, item 4, page 4 (line 10), after “amount he or she has received”, insert “(and interest, in some cases)”.
(2) Schedule 1, item 12, page 5 (lines 13 to 16), omit the item.
(3) Schedule 1, item 16, page 6 (lines 27 and 28), omit “, by the next date set for the purpose by the Commissioner”.
(4) Schedule 1, item 16, page 7 (line 2), after “interest”, insert “by the next date set for the purpose by the Commissioner”.
(5) Schedule 1, item 16, page 7 (line 10), after “claim the amount”, insert “(and interest, in some cases)”.
(6) Schedule 1, item 16, page 10 (line 13), omit “by scheduled statement day”.
(7) Schedule 1, item 16, page 10 (line 23), omit “day.”, substitute “day; or”.
(8) Schedule 1, item 16, page 10 (after line 23), at the end of subsection 20F(1), add:
(c) if a day is identified for the superannuation provider under the regulations that is later than the day described in paragraph (a) and later than the day described in paragraph (b) if it is relevant—that later day.
(9) Schedule 1, item 16, page 12 (after line 4), after subsection 20F(4), insert:
Regulations for the purposes of paragraph (1)(c)
(4A) Regulations for the purposes of paragraph (1)(c) may provide for a day to be identified by the Commissioner or the Australian Prudential Regulation Authority. This does not limit the provision that the regulations may make for identification of a day for those purposes.
(10) Schedule 1, item 16, page 15 (after line 31), after subparagraph 20J(6)(a)(i), insert:
(ia) paragraph 20F(1)(c); and
(11) Schedule 1, item 35, page 24 (line 30) to page 25 (line 3), omit subsection 307-142(3), substitute:
(3) The *taxable component is so much of the payment as is attributable to either or both of the following:
(a) so much of the amounts paid to the Commissioner under subsection 17(1) or 20F(1) of that Act in respect of the person as would, if those amounts had instead been paid to the person as *superannuation benefits, have been the taxable components of those superannuation benefits;
(b) subsection 20H(2A) of that Act (which is about interest payable in certain circumstances).
(12) Schedule 1, item 37, page 26 (lines 1 to 7), omit subsection 307-300(3), substitute:
(3) The element untaxed in the fund is so much (if any) of the *taxable component as is attributable to either or both of the following:
(a) so much of the amounts paid to the Commissioner under subsection 17(1) or 20F(1) of that Act in respect of the person as would, if those amounts had instead been paid to the person as *superannuation benefits, have been the elements untaxed in the fund of the taxable components of those superannuation benefits;
(b) subsection 20H(2A) of that Act (which is about interest payable in certain circumstances).
9:06 am
Chris Bowen (Prospect, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source
I move:
That the amendments be agreed to.
The amendments proposed by the other house are, in the government’s view, sensible, unlike the amendments which it was flagged the opposition would support, which would have led us to a different situation. In the other house, Senator Xenophon moved an amendment and Senator Coonan indicated that the Liberal and National parties would be supporting amendments. Those amendments would have gutted this legislation. Those amendments potentially would have put an $860 million hole in the budget surplus. That was the situation we had—that the Liberal and National parties were talking about the need for a budget surplus at the same time that they were undermining that budget surplus. The amendments that were proposed and that the Liberal and National parties were proposing to support were fundamentally flawed. We pointed that out; we pointed it out in this House and in the other house. When that was pointed out, I am very glad to say that the Minister for Superannuation and Corporate Governance received a telephone call from Senator Coonan advising that the Liberal and National parties would not be supporting the amendments any further and that the legislation would be passed effec-tively intact. So we are very glad that the other side saw reason and reversed their position—as we are very glad that on a couple of matters this week the opposition have seen reason and reversed their position.
The amendments proposed by the other house are largely technical and are supported by the government. They ensure that the legislation is passed in the form that the government intended. Of course we have always given credit where this is due. This has been a matter that both sides of the parliament have been seeking to progress for some time. It is appropriate that this legislation pass because superannuation is very important to the Australian economy, but it is also very important to the individuals involved. I commend the bill to the House.
9:09 am
Chris Pearce (Aston, Liberal Party, Shadow Minister for Financial Services, Superannuation and Corporate Law) Share this | Link to this | Hansard source
The opposition is pleased to see this bill progress. This was our policy at the time we were in government, and the Assistant Treasurer really has not given us due regard in reference to that. This was an announcement that we made in the 2007-08 Mid-Year Economic and Fiscal Outlook.
Chris Bowen (Prospect, Australian Labor Party, Assistant Treasurer) Share this | Link to this | Hansard source
I said it in the House the other day!
Chris Pearce (Aston, Liberal Party, Shadow Minister for Financial Services, Superannuation and Corporate Law) Share this | Link to this | Hansard source
Well, you did not say it this morning. It is a coalition policy and I am pleased to see that the government has finally got around to implementing yet again another policy that we announced. It would be good to see the government initiate some new policy of their own in this area, instead of just copying our policy and introducing it.
Joe Hockey (North Sydney, Liberal Party, Manager of Opposition Business in the House) Share this | Link to this | Hansard source
Plagiarism!
Chris Pearce (Aston, Liberal Party, Shadow Minister for Financial Services, Superannuation and Corporate Law) Share this | Link to this | Hansard source
It is another case of plagiarism by the government of Australia. But we are pleased to see this bill progress.
Question agreed to.